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DC Field | Value | Language |
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dc.contributor.author | Marano, Pierpaolo | - |
dc.contributor.author | Li, Shu | - |
dc.date.accessioned | 2023-05-15T10:27:43Z | - |
dc.date.available | 2023-05-15T10:27:43Z | - |
dc.date.issued | 2023 | - |
dc.identifier.citation | Marano, P., & Li, S. (2023). Regulating Robo-Advisors in Insurance Distribution: Lessons from the Insurance Distribution Directive and the AI Act. Risks, 11(1), 12. | en_GB |
dc.identifier.issn | 22279091 | - |
dc.identifier.uri | https://www.um.edu.mt/library/oar/handle/123456789/109412 | - |
dc.description.abstract | Insurance distributors are increasingly using robo-advisors for a variety of tasks, ranging from facilitating communication with customers to providing substantive advice. Like many other AI-empowered applications, robo-advisors have the potential to pose substantial risks that should be regulated and corrected by legal instruments. In this article, we attempt to discuss the regulation of robo-advisors from the perspective of the Insurance Distribution Directive and the draft AI Act. We ask two questions for each. (1) From a positive legal perspective, what obligations are imposed on insurance distributors by the legislation when they deploy robo-advisors in their business? (2) From a normative perspective, are the incumbent provisions within that legislation effective at ensuring the ethical and responsible use of robo-advisors? Our results show that neither the Insurance Distribution Directive nor the AI Act adequately address the emerging risks associated with robo-advisors. The rules implicated by them regarding the use of robo-advisors for insurance distribution are inconsistent, disproportionate, and implicit. Legislators shall further address these issues, and authorities such as EIOPA and national competent authorities must also participate by providing concrete guidelines. | en_GB |
dc.language.iso | en | en_GB |
dc.publisher | MDPI AG | en_GB |
dc.rights | info:eu-repo/semantics/openAccess | en_GB |
dc.subject | Finance -- Technological innovations | en_GB |
dc.subject | Artificial intelligence | en_GB |
dc.subject | Insurance -- Marketing | en_GB |
dc.subject | Insurance -- Finance | en_GB |
dc.subject | Insurance -- Risk management | en_GB |
dc.title | Regulating robo-advisors in insurance distribution : lessons from the insurance distribution directive and the AI act | en_GB |
dc.type | article | en_GB |
dc.rights.holder | The copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder. | en_GB |
dc.description.reviewed | peer-reviewed | en_GB |
dc.identifier.doi | 10.3390/risks11010012 | - |
dc.publication.title | Risks | en_GB |
Appears in Collections: | Scholarly Works - FacEMAIns |
Files in This Item:
File | Description | Size | Format | |
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Regulating_robo-advisors_in_insurance_distribution__lessons_from_the_insurance_distribution_directive_and_the_AI_act(2023).pdf | 347.04 kB | Adobe PDF | View/Open |
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